By Wendy Van Sickle
Columbus, Ohio, June 22 – Canadian Imperial Bank of Commerce priced $2 million of 0% capped buffer in-gears due April 5, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above 125% of the initial level, the payout at maturity will be par plus 52.625%.
If the index finishes at or above 100% of the initial level but below 125% of the initial level, the payout will be par plus 34.5%, plus 0.725 times the underlying return.
If the index finishes at or above 85% but below 100% of the initial level, the payout will be par plus 2.3 times the underlying return plus 15%.
If the index finishes below 85% of the initial level, investors will lose 1% for every 1% decline below the 85% buffer level.
BNP Paribas Securities Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Capped buffer in-gears
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| Underlying index: | S&P 500 index
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| Amount: | $2 million
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| Maturity: | April 5, 2028
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If index gains by 25% or more, par plus 52.625%; if index finishes at or above initial level but gains less than 25%, par plus 34.5% plus 0.725 times underlying return; if index falls by up to 15%, par plus 2.3 times underlying return plus 15%; otherwise, 1% loss for every 1% decline beyond 15% buffer
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| Initial level: | Average of index closing levels on trading days from and including June 5 to and including Sept. 1
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| Final level: | Average of index closing levels on trading days from and including Jan. 3, 2028 to and including March 31, 2028
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| Pricing date: | June 7
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| Settlement date: | June 12
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| Agent: | BNP Paribas Securities Corp.
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| Fees: | 0.25%
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| Cusip: | 13608M852
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